The German wholesale price index was flat for December. This pushed the WPI on a year over year basis to -0.1%. Besides the WPI data, economic data from the eurozone was sparse. The euro, however, brushed aside the data largely due to the weakness in the US dollar.
EUR/USD Seen Retesting Resistance Level
The common currency was retesting the resistance level of 1.1131 level amid a quiet day from the eurozone. The consolidation that is taking place near the confluence of the trend line and the horizontal level indicates a possible breakout. The bias remains to the upside with the target of 1.1177.
